Student Wellness Center at OSU : Financial Education : Helpful Tips

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Financial Education

Helpful Tips

Tip

Description

American dreaming?

Adults in this country with a net worth of $1 million or more...1.2% High schoolers who expect to be millionaires by age 40...39%

Avoid Identity Theft

There are an estimated 700,000 identity theft victims every year. In Ohio, most identity theft victims are between the ages of 18 - 29. Here are a few tips to help you avoid this expensive problem:

Keep your bank and credit card statements, check books, and personal information stored in a safe and secure place.
Double-check receipts, statements, etc. for discrepances. If you notice a difference in the statement/receipt and your records, contact the appropriate authority immediately.
If your credit card is lost or stolen, notify the credit card company immediately.
Shred sensitive information before throwing it away.
Never lend out a credit card or give anyone your information, including your OSU username and password.
Protect your BuckID.
Check your credit report regularly.

If you have any questions regarding these tips, or would like more information on identity theft or other financial matters, please contact Kate Seguin in the Student Wellness Center at 292-4527.

Avoid Money Scams: Sound too good to be true...it probably is!

Recognizing illegal plans 1. Avoid any plan that includes commissions for recruiting additional distributors. It may be an illegal pyramid. 2. Beware of plans that ask new distributors to purchase expensive inventory. 3. Be cautious of plans that claim you will make money through continued growth of your “downline,” rather than through sales of products you make yourself. 4. Beware of plans that claim to see miracle products or promise enormous earnings. Ask the plan promoter to substantiate claims with hard evidence. 5. Beware of decoy references paid by a plan’s promoter to describe their fictional success in earning money through the plan. 6. Don’t pay or sign any contracts in an “opportunity meeting” or any other high pressure situation.

Credit Card Education

Get to know what's in your wallet: EDUCATE: Ask for your card agreement and look for the annual fee (ideally $0); the annual percentage rate (the lower, the better); the penalty fees; and what triggers a penalty rate (a late payment). NEGOTIATE: Ask to have a penalty fee removed or your APR lowered - 78% of customers who ask for a lower rate succeed, according to a study by Synergistics Research. Source: Money Magazine, May 2007

Get Carded with Care!

Go to Columbus Alive to read an article by John Ross about college students and credit cards.

The Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation's consumer reporting companies. Under the FCRA, you have the right to receive a FREE COPY of your credit report from each credit-reporting agency annually. To order your reports, go to the Annual Credit Report web site.

For more information on credit reports, or help interpreting your credit report and score, contact Kate Seguin in the Student Wellness Center at 292-4527.